The Metro Phoenix housing market experienced an 8% decline in sold listings in its 3rd Quarter, despite a record-breaking $32 million sale in Paradise Valley. The marginal 1% decrease in average sales price to $998,183, and stabilization of the price per square foot at $362 reflect resilient property values amidst softening demand. A 30% increase in available inventory, coupled with a 17% drop in mortgage rates to 6.24%, signals improving buyer conditions, though the market remains competitive at these price points.
Will the Feds come through and initiate another rate cut? Expectations are high.
– Grant Van Dyke
Metro Phoenix
Average Sales Price: Q3 2023 > $998,092 vs Q3 2024 > $998,183 = 0% Change
Average Days On Market: Q3 2023 > 55 vs Q3 2024 > 69 = 25% increase
Average Sale Price Per Square Foot: Q3 2023 > $364 vs Q3 2024 > $362 = 1% decrease
Sale to List Price Ratio: Q3 2023 > 97.23% vs Q3 2024 > 97.05% = 0% Change
Number of Sold Listings: Q3 2023 > 1285 vs Q3 2024 > 1180 = 8% decrease
Months Supply of Inventory: Q3 2023 > 2.13 vs Q3 2024 > 2.77 = 30% increase
Mortgage Rate: Q3 2023 > 7.55% vs Q3 2024 > 6.24% = 17% decrease
Top 10 Sales
$32,388,888 5724 E Mockingbird Ln, Paradise Valley
$20,975,000 5901 E Edward Ln, Paradise Valley
$18,750,000 6447 E McDonald Dr, Paradise Valley
$12,000,000 6044 N 44th Pl, Paradise Valley
$11,700,000 5247 N Invergordon Rd, Paradise Valley
$10,200,000 7525 N Shadow Mountain Rd, Paradise Valley
$9,650,000 5629 N 69th Pl, Paradise Valley
$8,100,000 6200 N Mockingbird Ln, Paradise Valley
$7,900,000 4902 E Berneil Dr, Paradise Valley
$6,935,000 42 Biltmore Estates, Phoenix